Saudi Arabia’s crude oil exports slipped in June to their lowest level in three months, according to data from the Joint Organizations Data Initiative (JODI) released on Wednesday.
Crude exports from the world’s largest oil exporter fell to 6.141 million barrels per day, from 6.191 million bpd in May.
Saudi Arabia’s crude output for June was 9.752 million bpd, up from 9.184 million bpd in May.
Saudi refineries’ crude throughput was 2.703 million bpd, down 18,000 bpd from May’s 2.721 million bpd, the data showed, while direct crude burning increased by 185,000 bpd to 674,000 bpd.
Saudi Arabia and other members of OPEC provide monthly export figures to JODI, which publishes them on its website.
OPEC+, comprising OPEC and allies such as Russia, this month agreed to raise oil production by 547,000 bpd for September, the latest in a series of accelerated output hikes to regain market share, as concerns mount over potential supply disruptions linked to Russia.
Eight OPEC+ members began raising output in April with a hike of 138,000 bpd, followed by larger-than-planned increases of 411,000 bpd in May, June and July, 548,000 bpd in August and now 547,000 bpd for September. The eight members are Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman.
The International Energy Agency said last week that world oil supply would rise more rapidly than expected this year and next as OPEC+ members further increase output and supply from outside the group grows.
(Reporting by Sherin Elizabeth Varghese in Bengaluru. Editing by Mark Potter)